Articles by Song Seung-hyun
Song Seung-hyun
ssh@heraldcorp.com-
Big 4 financial groups post record-high net profit of nearly W16tr
South Korea’s top four financial groups -- Shinhan, KB, Hana and Woori – saw their combined net profit last year hitting a record high of 15.85 trillion won ($12.53 billion), largely buoyed by robust interest. This figure broke last year’s record of 14.54 trillion won, as there was an 8.99 percent increase in net profit on-year. Shinhan reclaimed the top position among the four financial firms in Korea by posting a net profit of 4.64 trillion won. Following Shinhan, KB marked
Industry Feb. 10, 2023
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Shinhan reclaims top financial group crown after three years
Shinhan Financial Group reclaimed the top position among financial firms in Korea by posting net profit outpacing other players last year. According to Shinhan's earnings report released Wednesday, its net profit marked 4.64 trillion won ($3.68 billion) in 2022, surpassing its cross-town rival KB Financial Group’s net profit by more than 200 billion won. Since KB’s net profit outperformed Shinhan for the first time in 2017, the two top-tier banking groups have been running a nec
Industry Feb. 8, 2023
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Apple Pay to kick off service in Korea after years of rumors
IT behemoth Apple announced Wednesday it will launch its mobile payments service Apple Pay in Korea, where rival Samsung has already enjoyed a dominant position in the market for years. “Apple will launch Apple Pay in Korea,” Apple said in a statement without further details. Apple's local partner, Hyundai Card, also released a statement saying it looks forward to collaborating with Apple to introduce the digital wallet to South Korea. "We will share more details in the c
Industry Feb. 8, 2023
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FSS chief vows to facilitate Korean financial firms’ global expansion
Lee Bok-hyun, chief of the Financial Supervisory Service, pledged to help local finance companies beef up their presence in the overseas market on Monday. The country's financial watchdog will first hold talks with counterparts in Southeast Asia, which are considered the major market for domestic financial firms. “I understand that there are demands from local banks and securities firms, asking the FSS to communicate with foreign financial watchdogs in markets that they have entered,&
Industry Feb. 6, 2023
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[Herald Interview] Raising retirement age is key solution for pension reform: French economist
French President Emmanuel Macron's recent proposal to raise the retirement age from 62 to 64 is believed to be the optimal solution to tackle the country's soon-to-run-out public pension reserves, French economist Philippe Aghion said during an interview with The Korea Herald on Jan. 24. "The best way to deal with the pension deficit is to increase how much time you spend in life working, and that’s what the reform (in France) intends to do – increase the number of years
Industry Feb. 6, 2023
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'Energy inflation' hits 25-year high in January
South Koreans have faced surging electricity, gas and heating bills, with the January inflation index hitting a new high since the 1998 financial crisis. According to the Korean Statistical Information Service on Sunday, the public utility price index -- calculated based on the consumer price index that is considered an inflation barometer -- logged 135.75 points in January, up 31.7 percent from the same month last year. This indicates the highest on-year inflation of monthly energy prices that
Industry Feb. 5, 2023
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[Photo News] Insights on metaverse
KB Financial Group Chairman Yoon Jong-kyoo delivers a speech during the investor conference KB Investor Insights 2023, held via the financial giant's metaverse platform on Tuesday. During the event, the chairman pledged to boost investor profitability by upgrading expertise and risk-management know-how. (KB Financial Group)
Industry Feb. 1, 2023
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S. Korea logs highest monthly trade deficit amid sluggish chip demand
South Korea reached a record-high monthly trade deficit of $12.69 billion in January, mainly due to weakening global demand for semiconductors, according to data compiled by the Ministry of Trade, Industry and Energy on Wednesday. While outbound shipments fell 16.6 percent on-year to $46.27 billion in January -- the largest drop in three years -- imports slipped 2.6 percent on-year to $58.96 billion. This figure broke the previous record high of $9.43 billion in August last year. It is also
Industry Feb. 1, 2023
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‘Responsibility’ beats ‘professionalism’ in conglomerates’ hiring priorities
Demonstrating a sense of responsibility during a job interview will boost one’s chance of getting hired by large companies in Korea, a report from business lobby group Korea Chamber of Commerce and Industry showed Monday. Since 2008, the quinquennial report has been mainly looking into job recruiting announcements and websites of the top 100 local companies in terms of sales to find out trends in qualification that they seek in their applicants. “As the job market is expected to tu
Industry Jan. 30, 2023
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[Newsmaker] [KH Explains] Are ex-bureaucrat execs a boon or bane for banks?
The bid by a former head of the country’s top financial regulator for the chairmanship of Woori Financial Group has stoked controversy and rekindled concerns of bureaucratic involvement in the highly regulated banking industry. Lim Jong-ryong was chairman of the Financial Services Commission from 2015 to 2017 under the Park Geun-hye administration. He also served as chairman of NongHyup Financial Group from back in 2013 to 2015. On Wednesday, Woori Financial Group’s union held
Industry Jan. 26, 2023
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Woori leads Korean banks in overseas sanctions in 2022
Woori Bank’s overseas subsidiaries received the most penalties last year among South Korea's top four commercial banks, according to DART, the Financial Supervisory Service's electronic disclosure board, on Wednesday. In 2022, Woori Bank that operates 11 overseas branches received a total of six penalties -- two in China, two in Indonesia, one in Russia and one in India. China's financial watchdog issued a warning and a fine of 200,000 yuan ($29,000) to Woori Bank China in A
Industry Jan. 25, 2023
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Key takeaways of eased rules for foreign investors
South Korean financial authorities have announced a set of new rules, including abolishing the decades-old investor registration system, in a move to create a welcoming environment for foreign investors. According to the Financial Services Commission, foreign investors hold around 30.7 percent of the local stock market as of the end of June 2022. The new revisions are also a part of the country's efforts to get its stock market included in the top grade of global market indices. The governm
Industry Jan. 24, 2023
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KB Financial recognized as global sustainability leader
KB Financial Group on Thursday announced that it has made the Global 100 Most Sustainable Corporations in the World list in recognition of its environmental, social, and corporate governance (ESG) efforts. It was ranked 68th on the list by Canada-based global research firm Corporate Knights. “Making the top 100 global sustainable companies list is the result of all executives and employees putting their minds into practicing ESG management for a sustainable future,” a KB Financial Gr
Economy Jan. 19, 2023
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Woori Financial Group chairman relents, will step down in March
Woori Financial Group Chairman and CEO Son Tae-seung will step down from office when his second term ends in March. Son told the group’s next chairman selecting committee on Wednesday morning that he will not seek his third term, according to the Woori Financial Group. The chairman’s decision came before the committee’s meeting on Wednesday afternoon to finalize a “long list” of candidates for chairman of Woori Financial Group. Son on Wednesday also announced that h
Industry Jan. 18, 2023
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[Herald Interview] BOK likely to turn attention to growth: SC Bank strategist
Arup Ghosh, Standard Chartered Bank’s co-head of Asia (excluding China) rates research and global research, sees that the Bank of Korea now has room to pause its rate hike and focus more on reviving the Korean economy. “Now, the domestic economy -- particularly the housing market, private consumption and falling exports -- matters more to the BOK,” Ghosh said during an interview with The Korea Herald on Friday. The Singapore-based researcher was in Korea to take part in the Glo
Industry Jan. 17, 2023
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